Pension scams – cold calling ban confirmed

2nd October 2017

Late last year the Government launched a consultation to look at interventions which could be put in place to help protect people from being scammed out of their pension.

People work hard to accrue their savings over their working life and unfortunately this is a target for many fraudsters.

Cold calling is considered to be the most common method used by scammers and fraudsters, so the Government has announced a ban on cold calling in relation to pensions, which will also be extended to include emails and text messages.

The only exceptions exist where a firm already has an existing relationship with a person and contact with someone who has expressly requested information from a firm. These two exemptions legitimately allow contact to be made.

Whilst this won’t necessarily stop the scammers, it sends a clear message to them and will help stop the unsolicited contact that many people get.

The Government is to work on the finer details to bring in enforcement of this, but we think this ban is welcome news and necessary to help protect people and their savings.

In the meantime, if you suspect you have been contacted by an unauthorised firm you can report it using the following link: https://www.fca.org.uk/consumers/report-scam-unauthorised-firm

 

All content © 2017 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.

Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson Accountants, Business & Financial Advisers is a trading style of Armstrong Watson LLP. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales No. 8800970. Registered office: 15 Victoria Place, Carlisle, CA1 1EW

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales No. 7208672. Armstrong Watson Financial Planning & Wealth Management is a trading name of Armstrong Watson Financial Planning Limited. Registered Office: 15 Victoria Place, Carlisle, CA1 1EW